The Westpac veteran enriching Australia’s future

Susan Bannigan, head of the Westpac Bicentennial Foundation, says running a not-for-profit organisation isn’t just about ‘doing good’ but is also about running a business well.
Photo: Louise Kennerley

by
Claire Stewart

After 25 years in financial services – 19 at
Westpac
– raising a family that’s grown from fledgling to self-sufficient, and gaining a plethora of commercial experience, Susan Bannigan decided it was time for a role to provide her with the opportunity for personal growth enrichment. Her position as the executive officer at the 140-year-old Westpac Foundation in 2012 led to a job this year as chief executive of the Westpac Bicentennial Foundation, overseeing the $100 million fund which awards, in perpetuity, about 100 scholarships every year to Australians from all walks of life with potential to shape Australia’s future.

Says Bannigan, “Philanthropy is not the exclusive realm of corporations and wealthy individuals. It isn’t just about the dollars. It is about improving the lives of our country’s most vulnerable, supporting stronger more resilient and inclusive communities for a prosperous future. It is within the reach of everyone who wants to give something back: contribute through volunteering for not-for-profits (NFP); participate on their boards."

Have attitudes to philanthropy changed?

“The big change has been recognition that investing in building the capacity of the NFP sector is just as important as providing funding for the provision of services and programs. I am seeing corporate philanthropy providing access to non-financial support, including professional development for leaders, mentoring and skilled volunteering."

Is running a charity “the easy way" to step out of corporate life?

“I think people need to question why they want to move into the NFP sector. If it is about wanting to give back to community, you don’t need to run a charity to do that.

“Use your skills and networks to support programs that you feel most passionate about.

“My sense is that people often underestimate the complexities of running an NFP. It is hugely challenging, and not just about ‘doing good’; it is also about running a business, ‘doing it well’ and generally on a very tight budget with limited resources."

Related Quotes

Company Profile

“It’s a dynamic and rewarding career, and I’m sure most of the 100 Women of Influence 2012 and 2013 Philanthropy alumni would agree with that. That said, I think you weigh up whether you want to work ‘in’ the sector, or ‘on’ the sector? If you’re passionate and motivated by a particular cause then working in the sector might be for you. If your motivation is more broadly about community wellbeing, perhaps a role like running a foundation to provide programs with financial and non-financial support may be better.

“I feel I have a greater impact on Australia’s social fabric by working ‘on’ the sector: tapping into the skills, resources and networks of the Westpac Group to build the sector’s capacity and social entrepreneurs to deliver their programs.

“At the end of a day, a charity is a business, so a career in philanthropy doesn’t necessarily start with a job in philanthropy. Work on building your commercial skills and networks."

Advice to female peers?

“Take risks. The greatest satisfaction in my career has been from challenging myself to do things that others believed impossible."